Question
Bin Oil company in Zwolle, Lousiana owns 100% of the WI in an unproved lease that was acquired for $100,000. the property is individually significant
Bin Oil company in Zwolle, Lousiana owns 100% of the WI in an unproved lease that was acquired for $100,000. the property is individually significant and with an individual impairement of 420,000. Bin trensfers the WI to another party but retains a 20% ORI in return for cash of $35,000. What amount will be debited to the unproved ORI account?
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Financial Accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
8th edition
978-1118953907, 9781118953808, 1118953908, 1118953800, 978-1119491057
